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<!DOCTYPE HTML>
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<title>Meeting Insights - Financial Impact</title>
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<h1><a href="index.html" id="logo">Financial Impact of Meetings</a></h1>
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<h3> How much do your meetings cost? </h3>
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<h4>Try out this calculator</h4> <p></p>
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<h3><a href="#">Want are people saying about meeting costs?</a></h3>
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Read a few great articles
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<a href="https://www.readytalk.com/meeting-resources/infographics/true-cost-meetings-infographic" class="image fit"><img src="images/ReadyTalk.png" alt="" /></a>
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<h4><a href="https://www.readytalk.com/meeting-resources/infographics/true-cost-meetings-infographic">The True Cost of Meetings</a></h4>
<p>Meetings are one of the most expensive overhead costs within any organization, and many are ineffective</p>
<p>However, organizations wrongly believe holding meetings is an effective tool for collaboration</p>
</div>
<div class="col-4">
<a href="https://www.groovehq.com/blog/how-to-optimize-remote-team-meetings/how-to-optimize-remote-team-meetings/" class="image fit"><img src="images/groove-hq.jpg" alt="" /></a>
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<h4><a href="https://www.groovehq.com/blog/how-to-optimize-remote-team-meetings/how-to-optimize-remote-team-meetings">Optimize Team Meetings</a></h4>
<p>
Meetings can be optimized to lower cost and increase efficiency
</p>
</div>
<div class="col-4">
<a href="https://medium.com/@lukethomas14/too-many-meetings-or-why-its-time-to-optimize-your-scrum-ceremonies-dccd05e26df1" class="image fit"><img src="images/Medium.png" alt="" /></a>
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<h4><a href="https://medium.com/@lukethomas14/too-many-meetings-or-why-its-time-to-optimize-your-scrum-ceremonies-dccd05e26df1">Too Many Meetings</a></h4>
<p>
Pandits recommend several meetings, each with a specific purpose. Examples are; Scrum, 1-1, Stand-up, Town Hall, etc.
</p>
<p>
However, an innovative manager will not fall into the trap of creating an accidental meeting culture
</p>
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<a href="https://execed.economist.com/blog/industry-trends/how-stop-wasting-your-time-and-everyone-elses-meetings" class="image fit"><img src="images/Economist.png" alt="" /></a>
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<h4><a href="https://execed.economist.com/blog/industry-trends/how-stop-wasting-your-time-and-everyone-elses-meetings">Stop Wasting Your Time In Meetings</a></h4>
<p>
“Meetings should be like salt—a spice sprinkled carefully to enhance a dish,” says Basecamp founder and CEO, Jason Fried.
</p>
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<a href="https://fortune.com/2014/06/18/pointless-meetings-work/" class="image fit"><img src="images/fortune-logo.png" alt="" /></a>
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<h4><a href="https://fortune.com/2014/06/18/pointless-meetings-work">Stop throwing money away with unneeded meetings</a></h4>
<p>
Let’s say each one spends a very conservative 15% of his or her time every year in unproductive meetings. Total annual cost to the company of the time lost: $300 million.
</p>
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<a href="https://hbr.org/2014/05/your-scarcest-resource/" class="image fit"><img src="images/HBR.png" alt="" /></a>
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<h4><a href="https://hbr.org/2014/05/your-scarcest-resource">Your Scarcest Resource</a></h4>
<p>
“Just as you would not permit a fellow employee to steal a piece of office equipment, you shouldn’t let anyone walk away with the time of his fellow managers,” says former CEO of Intel Andy Grove
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<h2>Are more meetings Good?</h3>
<p> Think again they cost your firm! </p>
</header>
<p>
Companies waste millions of dollars organizing and having meetings, finding time-slots, waiting for participants to arrive, discussing irrelevant topics and divergent ideas, multitasking during meetings, etc.
</p>
<p>
It’s a well-known fact that more than 50% of the meetings are ineffective. Many hours are wasted each year just on standing weekly meetings, which then have a further ripple effect on other activities. The problem is getting worse. Time devoted to discussions has increased each year since 2008, partly because of technology, organizing meetings has become a lot easier.
</p>
<p>
The question is, how much do these meetings cost? Try a calculator created by <a href="https://hbr.org/2016/01/estimate-the-cost-of-a-meeting-with-this-calculator"> The Harvard Business Review </a>.
</p>
<p>
Say five people have a meeting lasting 30 minutes and each person involved earns a salary of $60,000. That costs the company $105. Or, say, an hour-long session for ten people with an average salary of $80,000. The cost is $560. An hour-long meeting for a whole department (~30 people) where the average salary is $50k costs $1,015.
</p>
<p>
So ask yourself: Is your meeting resulting in decisions that generate enough revenue to make it worth it?
</p>
<p>
When salaries are high, the results can be jaw-dropping. A weekly executive standing meeting can cost up to $15 million, even though a lot of what went on didn’t translate into noticeable improvements in services, operations, and products.
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Overview 2
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<section>
<header>
<h2>Meeting Cost views using Project Data</h2>
<section>
<h4>Report 1: Meeting Cost by Month</h4>
<section/>
</header>
<div class='tableauPlaceholder' id='viz1617157082724' style='position: relative'><noscript><a href='#'><img alt='February 2021 ' src='https://public.tableau.com/static/images/MC/MCBM/MeetingCostByMonth/1_rss.png' style='border: none' /></a></noscript><object class='tableauViz' style='display:none;'><param name='host_url' value='https%3A%2F%2Fpublic.tableau.com%2F' /> <param name='embed_code_version' value='3' /> <param name='site_root' value='' /><param name='name' value='MCBM/MeetingCostByMonth' /><param name='tabs' value='no' /><param name='toolbar' value='yes' /><param name='static_image' value='https://public.tableau.com/static/images/MC/MCBM/MeetingCostByMonth/1.png' /> <param name='animate_transition' value='yes' /><param name='display_static_image' value='yes' /><param name='display_spinner' value='yes' /><param name='display_overlay' value='yes' /><param name='display_count' value='yes' /><param name='language' value='en' /><param name='filter' value='publish=yes' /></object></div> <script type='text/javascript'> var divElement = document.getElementById('viz1617157082724'); var vizElement = divElement.getElementsByTagName('object')[0]; vizElement.style.width='80%';vizElement.style.height=(divElement.offsetWidth*0.4)+'px'; var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); </script>
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<h4>Report 2: Attendee Productivity</h4>
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<div class='tableauPlaceholder' id='viz1617158419338' style='position: relative'><noscript><a href='#'><img alt='February 2021 ' src='https://public.tableau.com/static/images/AP/AP_16171581543030/AttendeeProductivity/1_rss.png' style='border: none' /></a></noscript><object class='tableauViz' style='display:none;'><param name='host_url' value='https%3A%2F%2Fpublic.tableau.com%2F' /> <param name='embed_code_version' value='3' /> <param name='site_root' value='' /><param name='name' value='AP_16171581543030/AttendeeProductivity' /><param name='tabs' value='no' /><param name='toolbar' value='yes' /><param name='static_image' value='https://public.tableau.com/static/images/AP/AP_16171581543030/AttendeeProductivity/1.png' /> <param name='animate_transition' value='yes' /><param name='display_static_image' value='yes' /><param name='display_spinner' value='yes' /><param name='display_overlay' value='yes' /><param name='display_count' value='yes' /><param name='language' value='en' /></object></div> <script type='text/javascript'> var divElement = document.getElementById('viz1617158419338'); var vizElement = divElement.getElementsByTagName('object')[0]; vizElement.style.width='80%';vizElement.style.height=(divElement.offsetWidth*0.4)+'px'; var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); </script>
<p>
Report 1 provides the cost incurred by the firm in the project data to hold meetings each month. The between is a staggering $7MM to $9MM depending on the month
</p>
<p>
Report 2 provides Attendee Productivity by month. It's very clear of the productivity metrics that even though %Attendee is very high between 90% to 98%, the productivity of the attendess is not over 50%. They were either busy sending e-mails or had conflicts, potentially missing other meetings. The attendees were also performing other tasks about 4% to 6% of the time
</p>
<p>
We can conclude at least about $3.5MM to $4.5MM was incurred as wasteful expenditure for the firm. An interesting read on hidden meeting costs is <a href="https://www.readytalk.com/meeting-resources/infographics/true-cost-meetings-infographic">The True Cost of Meetings</a>
Another great read is <a href="https://execed.economist.com/blog/industry-trends/how-stop-wasting-your-time-and-everyone-elses-meetings">Stop Wasting Your Time In Meetings</a>
</p>
</section>
<section>
<header>
<h4>Report 3: Meeting Cost By Functional Type (Department)</h4>
</header>
<div class='tableauPlaceholder' id='viz1617155993923' style='position: relative'><noscript><a href='#'><img alt='February 2021 ' src='https://public.tableau.com/static/images/MC/MCBFT/MeetingCostByFunctionalType/1_rss.png' style='border: none' /></a></noscript><object class='tableauViz' style='display:none;'><param name='host_url' value='https%3A%2F%2Fpublic.tableau.com%2F' /> <param name='embed_code_version' value='3' /> <param name='site_root' value='' /><param name='name' value='MCBFT/MeetingCostByFunctionalType' /><param name='tabs' value='no' /><param name='toolbar' value='yes' /><param name='static_image' value='https://public.tableau.com/static/images/MC/MCBFT/MeetingCostByFunctionalType/1.png' /> <param name='animate_transition' value='yes' /><param name='display_static_image' value='yes' /><param name='display_spinner' value='yes' /><param name='display_overlay' value='yes' /><param name='display_count' value='yes' /><param name='language' value='en' /><param name='filter' value='publish=yes' /></object></div> <script type='text/javascript'> var divElement = document.getElementById('viz1617155993923'); var vizElement = divElement.getElementsByTagName('object')[0]; vizElement.style.width='80%';vizElement.style.height=(divElement.offsetWidth*0.4)+'px'; var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); </script>
<p>
Report 3 provides the cost incurred to hold meetings each month by various departments. The Marketing department has the highest number of meetings
</p>
<p>
Read this excellent article that provides information on how to avoid <a href="https://medium.com/@lukethomas14/too-many-meetings-or-why-its-time-to-optimize-your-scrum-ceremonies-dccd05e26df1">Too Many Meetings</a>
</p>
</section>
<section>
<header>
<h4>Report 4: Meeting Cost By Organizer Level</h4>
</header>
<div class='tableauPlaceholder' id='viz1617161028759' style='position: relative'><noscript><a href='#'><img alt='February 2021 ' src='https://public.tableau.com/static/images/MC/MCBL/No_AttendeesbyOrganizerFunctionalTypeandLevel/1_rss.png' style='border: none' /></a></noscript><object class='tableauViz' style='display:none;'><param name='host_url' value='https%3A%2F%2Fpublic.tableau.com%2F' /> <param name='embed_code_version' value='3' /> <param name='site_root' value='' /><param name='name' value='MCBL/No_AttendeesbyOrganizerFunctionalTypeandLevel' /><param name='tabs' value='no' /><param name='toolbar' value='yes' /><param name='static_image' value='https://public.tableau.com/static/images/MC/MCBL/No_AttendeesbyOrganizerFunctionalTypeandLevel/1.png' /> <param name='animate_transition' value='yes' /><param name='display_static_image' value='yes' /><param name='display_spinner' value='yes' /><param name='display_overlay' value='yes' /><param name='display_count' value='yes' /><param name='language' value='en' /><param name='filter' value='publish=yes' /></object></div> <script type='text/javascript'> var divElement = document.getElementById('viz1617161028759'); var vizElement = divElement.getElementsByTagName('object')[0]; vizElement.style.width='80%';vizElement.style.height=(divElement.offsetWidth*0.4)+'px'; var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); </script>
<p>
Report 4 shows the Meeting Cost by the Level/Designation of the Organizer. The higher the level, the higher is the cost of the meeting for the firm. The report shows more than 50% of the meeting cost is due to senior staff organizing them, therefore, increasing the meeting cost
</p>
<p>
A good read to Optimize Team Meetings is <a href="https://www.groovehq.com/blog/how-to-optimize-remote-team-meetings/how-to-optimize-remote-team-meetings">Optimize Team Meetings</a>
</p>
</section>
<section>
<header>
<h4>Report 5: Meeting Cost By Conference Room</h4>
</header>
<div class='tableauPlaceholder' id='viz1618274724997' style='position: relative'><noscript><a href='#'><img alt='Meeting Cost By Conference Room - February 2021 ' src='https://public.tableau.com/static/images/MC/MCBCR/MeetingCostByConferenceRoom/1_rss.png' style='border: none' /></a></noscript><object class='tableauViz' style='display:none;'><param name='host_url' value='https%3A%2F%2Fpublic.tableau.com%2F' /> <param name='embed_code_version' value='3' /> <param name='site_root' value='' /><param name='name' value='MCBCR/MeetingCostByConferenceRoom' /><param name='tabs' value='no' /><param name='toolbar' value='yes' /><param name='static_image' value='https://public.tableau.com/static/images/MC/MCBCR/MeetingCostByConferenceRoom/1.png' /> <param name='animate_transition' value='yes' /><param name='display_static_image' value='yes' /><param name='display_spinner' value='yes' /><param name='display_overlay' value='yes' /><param name='display_count' value='yes' /><param name='language' value='en' /><param name='filter' value='publish=yes' /></object></div> <script type='text/javascript'> var divElement = document.getElementById('viz1618274724997'); var vizElement = divElement.getElementsByTagName('object')[0]; vizElement.style.width='80%';vizElement.style.height=(divElement.offsetWidth*0.4)+'px'; var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); </script>
<p>
Report 5 shows the Meeting Cost by Conference Room each Month
The visualization clearly shows all conference rooms were by and large equally used. The cost incurred to use the spaces was between $300K and $400K
However, between Mid-Feb'20 and Mid-May'20 as well as Mid-Aug'20 and Mid-Nov'20, the cost was higher, above $400K
</p>
</section>
<section>
<header>
<h4>Report 6: Redundant Hours By Month</h4>
</header>
<div class='tableauPlaceholder' id='viz1617163861104' style='position: relative'><noscript><a href='#'><img alt='Sheet 22 ' src='https://public.tableau.com/static/images/RH/RHA_16171637389760/Sheet22/1_rss.png' style='border: none' /></a></noscript><object class='tableauViz' style='display:none;'><param name='host_url' value='https%3A%2F%2Fpublic.tableau.com%2F' /> <param name='embed_code_version' value='3' /> <param name='site_root' value='' /><param name='name' value='RHA_16171637389760/Sheet22' /><param name='tabs' value='no' /><param name='toolbar' value='yes' /><param name='static_image' value='https://public.tableau.com/static/images/RH/RHA_16171637389760/Sheet22/1.png' /> <param name='animate_transition' value='yes' /><param name='display_static_image' value='yes' /><param name='display_spinner' value='yes' /><param name='display_overlay' value='yes' /><param name='display_count' value='yes' /><param name='language' value='en' /><param name='filter' value='publish=yes' /></object></div> <script type='text/javascript'> var divElement = document.getElementById('viz1617163861104'); var vizElement = divElement.getElementsByTagName('object')[0]; vizElement.style.width='80%';vizElement.style.height=(divElement.offsetWidth*0.4)+'px'; var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); </script>
<p>
Report 6 shows Redundant Hours by Month, and an interesting observation is that the Redundant Hours is higher than the Duration Hours each month, giving an impression that unnecessary attendees attend meetings, and probably unnecessary meetings are held
Redundant hours are those when attendees spend time in a meeting when they are not required to
</p>
<p>
An excellent read on avoiding unnecessary meetings is <a href="https://fortune.com/2014/06/18/pointless-meetings-work">Stop throwing money away with unneeded meetings</a>
</p>
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